Common use of FINANCE CHARGES AND OTHER CHARGES Clause in Contracts

FINANCE CHARGES AND OTHER CHARGES. If You have no loans outstanding, You will pay no finance charge. If You do receive loans, You will pay a finance charge based on your loan account balance each day during the billing cycle (after new loans have been added and payments and credits subtracted). Lender will multiply your daily outstanding loan account balance by the daily rate of .04381 percent (.04381%) (an ANNUAL PERCENTAGE RATE of 15.99 Percent (15.99%)). The result will be the finance charge which will accrue each day. At the end of the billing cycle, these daily finance charges will be totaled to determine the finance charge You owe for the full cycle. If you fail to make two (2) minimum monthly payments by the payment due date in any six (6) month period, exceed your credit limit twice in a six (6) month period, or make a payment to us that is not honored, we may increase your annual percentage rate to the penalty rate of 21%. The rate increase will remain in effect until six (6) consecutive payments have been received by the payment due date and you do not exceed your credit limit during that time. In addition to finance charge, You agree to pay: (i) a late charge of $18.50 on any installment or minimum payment not paid within ten (10) days after the same is due; and (ii) a fee of $25.00 for each check, draft, or negotiable order of withdrawal issued by You in connection with this Line of Credit that is dishonored and returned.

FINANCE CHARGES AND OTHER CHARGES. If You have no loans outstanding, You will pay no finance charge. If You do receive loans, You will pay a finance charge based on your loan account balance each day during the billing cycle (after new loans have been added and payments and credits subtracted). Lender will multiply your daily outstanding loan account balance by the daily rate of .04381 percent (.04381%) (an ANNUAL PERCENTAGE RATE of 15.99 Percent (15.99%)). The result will be the finance charge which will accrue each day. At the end of the billing cycle, these daily finance charges will be totaled to determine the finance charge You owe for the full cycle. If you fail to make two (2) minimum monthly payments by the payment due date in any six (6) month period, exceed your credit limit twice in a six (6) month period, or make a payment to us that is not honored, we may increase your annual percentage rate to the penalty rate of 21%. The rate increase will remain in effect until six (6) consecutive payments have been received by the payment due date and you do not exceed your credit limit during that time. In addition to finance charge, You agree to pay: (i) a late charge of $18.50 17.50 on any installment or minimum payment not paid within ten (10) days after the same is due; and (ii) a fee of $25.00 for each check, draft, or negotiable order of withdrawal issued by You in connection with this Line of Credit that is dishonored and returned.